The state of Colorado has finally put together the Colorado sports betting report for the month of October. Growth is still happening in the industry, but October saw some decline.
Colorado Sports Betting October Numbers Are In
The sports betting handle total for the month of October in Colorado was impressive, and 2022 has been a big year as well. Sportsbooks in the state posted a handle of more than $526 million for October, and that is the second-highest month of record for the state.
Football always brings in plenty of action at the sportsbooks and that sport helped boost the numbers in October. It wasn’t a record for the state though as that title would belong to January 2022 when the total handle was up more than $573 million.
Colorado has emerged as one of the biggest markets in the United States, and it has been able to do so by being extremely consistent. This state is now over the $4 billion mark in total handle in 2022, and it is just the fourth state to get that done.
Both retail and online sports betting is available in the state, but most of the betting continues to be done at mobile sportsbook apps. One disappointing part of the October sports betting report is that the sportsbooks won less than 7 percent of the wagers for the month.
Colorado had been putting up big revenue numbers over the last few months, but the total dropped all the way down to just $36.5 million. The national average for hold rate has continued to climb throughout the country, but sportsbooks in Colorado were not as fortunate.
Colorado was able to receive $2.3 million in sports betting tax revenue, and it went over the $2 million for the second straight month.
Bettors Can’t Win Parlays
The Colorado sports betting report typically does a great job of breaking down which sports brought in the most action. One glaring aspect of the October report was that it was parlay betting that was the most profitable for the state.
Bettors in Colorado wagered $92 million on parlays in October, and the gross revenue from those bets was over $16 million. Other states have reported similar numbers as bettors just continue to make these bets every month.
Football is typically a sort in which bettors do well, and that was the case in Colorado sports betting during the month of October. Both NFL and college football brought in the most action, but they weren’t profitable sportsbooks.
State Still Showing Growth
When putting together a year-over-year comparison, you will notice that the sports betting industry in the state of Colorado just continues to grow. Total sports betting revenue was up over 7 percent from the October 2021 total, and that’s a trend that the state hopes to continue.
While revenue has gone up slightly, you are going to see a much bigger jump when looking at the total sports betting handle. October sportsbooks have brought in $4.1 billion in handle in 2022, and that’s an increase of more than 41 percent from 2021.